New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

Maybe someone would like to write to PCI to clarify the situation.

"Sell on the rumour, buy on the facts"

I now only hold 10k at 10p having sold a lot on Friday. If they go down, I buy again. If they go up I will have guessed wrong, but I think I will stick on this position. After all with ST we are betting on the spin of a coin! If ST is dry they will be as cheap as chips. Anathema to the PCI optimists, but it could happen.

Where is the next PCI I wonder? What odds on CRST for a Ronson takeover? Who is buying heavily into MDY, and why?

pete...don't think so. PCI will fall if ST fails to impresss, by how much no one konws... as for cheap as chips, i don't think so. So do what you feel best but to those you may be losing confidence/patience.......as wisdom goes, DYOR and you can see just what i'm talking about.....PCI have fantastic potential, great prospects and that's what's it's all about!!

Curiously more sells than buys and the bid increasing while the spread is decreasing. Are the MM's filling a big order? If so a rise today. Barring bad news on the rig of course.

Austrians now refusing to comment according to an ADVFN poster.

excuse my spelling.....nearly as bad as Brian Cusack's :-)

pete...hope so.....holding tight and high as a kite :-)

Few big buys pushed through...

http://fool.uk-wire.com/cgi-bin/articles/200410111825039634D.html

Mellon Bank reducing - others increasing. Lets hope the selling stops now.

hope so.

I dropped out this am.

Sorry guys, I lost the faith.

Good luck to you all.

As it is I went out on blue that is the important thing!

Sorry to see you go - I always valued your comments, but I know how you feel.
If I wasn't holding at 10p I would be gone too.

ever watch dragnet? "Just the facts m'aam, just the facts" Good company, investment, good prospects, drilling soon, will hit sometime. As I said previously, if rumours, treeshakes, and MM stopped messing about, the price would be at a more realistic 18/20p awaiting some good finds.

SWW, at least you got out with a profit. Still holding here, waiting for the drilling fun when it begins.

I'm gonna hold for the news...

Just about break even so thats ok!

I'm holding for news as well.

Buys coming back in now.

Guess all I can say about today is that at least we recovered from 15.25 bid. Not the best of days.

i for one held PET got out,bought PCI thought pet was pumped and pci more progressive.
but bb's put me off when pci didnt break 18p,so sold and made 10%.a hell of a lot more than had i stayed in pet.
RAB is the one,its a machine.read up,oil exploration and resources but with a nights sleep!

Just out:

Petroceltic International PLC
13 October 2004

Petroceltic to Commence Tunisian Drilling in Days
Cash Resources of US$29 million

Irish headquartered oil and gas exploration company, Petroceltic International
plc ('Petroceltic') is pleased to announce that it is to commence drilling at
its Tunisian Sidi Toui 3 prospect within days. In addition, following the
recent successful completion of an institutional placing, Petroceltic now has
approximately US$29 million of cash with no debt.

John Craven CEO of Petroceltic commented, 'We are making good progress with our
first operated well in Tunisia and the next few weeks promises to be very
exciting for Petroceltic. The new funds raised in the placing means that we
have the financial resources to deliver value from all our assets including the
new licenses in Algeria and Italy. With current high oil and gas prices there
has been renewed focus by governments and corporates on the importance and value
of discovering and producing new petroleum deposits. I believe that Petroceltic
is now financially and strategically positioned to succeed.'

The following is an update on work at Petroceltic's prospects in Tunisia,
Algeria and Italy.

Tunisia: Sidi Toui 3 Well

Extensive site preparations for the Sidi Toui 3 well location have now been
completed. This has involved the grading and improving of 9 kilometres of
existing desert road to take the heavy duty trucks required to transport the
Great Wall Land Rig 92 to the well location and the preparation of a level
concrete base to support the rig and its related equipment. The rig is now being
assembled at the well site in preparation for drilling, which will commence in
the coming days. Drilling and testing operations are expected to be completed by
mid to end November and further updates will be issued in due course. It is
also planned to post pictures of the drilling operations on the company's
website at:
www.petroceltic.com
.

The Sidi Toui 3 well is located approximately 4.5 kilometres east of the Sidi
Toui 1 well that was drilled in the 1950's and encountered oil in the Ordovician
'Hamra' quartzite. This geological target hosts many large oil and gas fields
in North Africa. The location of Sidi Toui 3 has been chosen to be structurally
higher than Sidi Toui 1 and near the crest of the 30 kilometre long structure,
which has a surface expression. Petroceltic and its technical advisers estimate
that the Sidi Toui 3 well structure has potential to contain over 400 million
barrels of oil.

Petroceltic has a 95% interest in the Sidi Toui well and the surrounding Ksar
Hadada 7,500 square kilometre contract area.

Algeria: Isarene Permit Area

On 26th September 2004 Petroceltic signed a Production Sharing Agreement over
the Isarene permit area with Sonatrach, the Algerian State Oil Company.
Petroceltic has identified 3 independent geological targets in Isarene, which
each have significant gas and oil potential. A drilling campaign is planned for
2005 to evaluate these targets.

On October 3rd 2004 the Algerian Ministry of Energy and Mines announced details
of the 6th Bidding Round for oil and gas exploration and appraisal
opportunities. 10 blocks are on offer, some containing existing gas and oil
discoveries. Petroceltic has been pre-qualified to operate for and partner
Sonatrach in Algeria and is therefore well positioned to bid for new acreage in
this round, which closes in March 2005.

Italy: Offshore Block BRG 490

Environmental issues are nearing completion and it is expected that the block
will be fully gazetted and awarded to Petroceltic and its Italian partner
shortly. This will mean that drilling on the Miglianico East prospect can be
planned for 2005.

Funding

Petroceltic was pleased to announce the successful completion of an
institutional placing, details of which were announced on 28th September 2004.
The company now has approximately US$29 million of cash with no debt. This
provides sufficient financial resources to fund an aggressive drilling programme
across Petroceltic's existing portfolio in Tunisia, Algeria, Ireland and Italy
during 2004 and 2005 while still retaining funds for new opportunities. In
addition the placing has allowed the company to broaden its shareholder base
amongst institutional investors.

Ends

See
www.petroceltic.com


Press queries to:

Petroceltic:
John Craven Tel: +353 1 662 7993
john.craven@petroceltic.ie
Brian Cusack Tel: +353 1 662 7993

Davy:
Hugh McCutcheon or John Frain Tel: +353 1 679 6363

Simpson Financial & Technology PR
Ronnie Simpson or Caroline Kohn Tel: +353 1 260 5300


This information is provided by RNS
The company news service from the London Stock Exchange